Ryanair has published its financial results for the first quarter of 2026, posting a 6% increase in passenger numbers but a sharp drop in profits.
The ultra-low-cost carrier flew more people than in the same period last year: 61.3 million, up from 57.9 million. However, the Irish airlines said this had been achieved by cutting ticket prices by 6% to tempt travellers deterred by rumours of fuel shortages and cancellations.
Ongoing conflict in the Middle East impacted Ryanair’s Q1 profits: although the airline hedged for 80% of its supply, soaring prices for the remaining 20% saw operating costs rise by 11% year-on-year. This, combined with the low fares strategy, meant profit after tax (PAX) fell by 34%.
As geopolitical tensions continue to obstruct traffic through the Strait of Hormuz, Ryanair CEO Michael O’Leary warned that year-end profits could also be disrupted:
The final FY27 PAT remains highly sensitive to adverse external developments, incl. conflict escalation in the Middle East and Ukraine, the price of unhedged jet-fuel, macro-economic shocks and continuing European ATC strikes & mismanagement.
Ryanair’s share price fell by 5% following the announcement of these results. Neil Sorahan, the airline’s Group CFO, told the BBC that popular Mediterranean routes were still busy, only customers were now booking later to avoid potential disruption.
Aside from financials, Ryanair’s report highlighted the ongoing impact of supply chain issues on aviation. The carrier say they do not believe short-haul capacity in Europe can grow significantly until ‘at least 2030’ due to delays and backlogs with aircraft manufacturers.
Ryanair still expect to receive their first Boeing 737 MAX 10 in Q4 this year, which will allow the airline to fly 20% more seats on 20% less fuel.
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